Special Payroll Tax Exemption Form Now Available

The Internal Revenue Service today released a new form that will help employers claim the special payroll tax exemption that applies to many newly-hired workers during 2010, created by the Hiring Incentives to Restore Employment (HIRE) Act signed by President

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Posted in Business Expense, Deductible Expense, Employment Tax, Paying Taxes, Payroll Tax Problems, Tax Guidance & Preparation

Contributing to an Individual Retirement Plan

If you haven’t made all the contributions to your traditional Individual Retirement Arrangement that you want to make – don’t worry, you may still have time. Here are the top 10 things the Internal Revenue Service wants you to know

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Posted in IRA

Taxpayer Advocate Service

The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving problems with the IRS, or who believe that an IRS system or

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Posted in Taxpayer Advocate

Health Care and Education Reconciliation Act

As widely anticipated, President Obama signed the Health Care and Education Reconciliation Act (HR 4872) into law earlier this week. The new law makes material changes to the tax law elements of the new health care legislation signed into law

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Posted in Education Expense, FICA, Health Care Tax Credit

Tax Appeal Rights

The IRS provides an appeals system for those who do not agree with the results of a tax return examination or with other adjustments to their tax liability. Here are the top seven things to know when it comes to

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Posted in Amended Tax Return, Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Currently Not Collectible, FICA, Installment Agreement, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Extension Request, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Paying Taxes, Payroll Tax Problems, Self Employ, Small Business, Sole Proprietor, Statutory Notice of Deficiency, Sub-chapter S, Tax Abuse, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests

‘Green’ Tax Credits

When you invest in energy-efficient products, you may be saving money on both your energy bills and your tax return. The Internal Revenue Service wants you to know about these six energy-related tax credits created or expanded by the American

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Posted in Tax Credit, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Deducting Charitable Contributions

When preparing to file your federal tax return, don’t forget your contributions to charitable organizations. If you made qualified donations last year, you may be able to take a tax deduction if you itemize on IRS Form 1040, Schedule A.

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Husband and Wife Business

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. How spouses earn Social Security benefits A spouse is considered

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Posted in Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation

Small Business Health Care Tax Credit Summary with examples

The new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010. The following questions and answers provide information on the credit as it

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Posted in Health Care Tax Credit, Self Employ, Small Business, Sole Proprietor, Sub-chapter S

Check eligibility for tax credits, deductions and payments

Taxpayers can check their eligibility for these credits and deductions on the IRS Web site at IRS.gov/recovery. This special section also contains instructions on how to claim the available tax incentives and provides answers to frequently asked questions. Detailed information

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Posted in Tax Credit
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